Bankruptcy Trustees: Their Work at Ottawa

At a stage when you are in deep financial problems and set your mind and planning for bankruptcy, it is very important and crucial step for you to be aware of the role of the bankruptcy trustees Ottawa professionals. For each and every case, the court appoints an impartial trustee. Whenever you file a case under bankruptcy section, you cannot ignore the role of the trustee appointed to you. In each case, the trustee will represent the creditors always. But this never means that the trustee will always work in the favor of the creditor only. The main work of the trustee is to ensure all that everything is going on and done as per the court law and the judgment only. So let’s have a look at the role of the bankruptcy trustees.

Role of the Bankruptcy Trustees

As per mentioned before, the main role of the bankruptcy trustees is to represent the creditors. However, this changes according to the judgment of the bankruptcy court. Generally, the duty of the trustees is to represent the creditors but it is also under their duty to have a look at the works and actions of the debtors. In some of the cases, the duty of the trustees is to make sure about the liquidation of all the properties and assets of the according to the law. At the same time, they work in the favor of the debtors making sure about some exemption from their assets and properties according to the law of that state regarding the same.

Way of Working of a Bankruptcy Trustee

There are many ways by the help of which a bankruptcy trustee can do its work. However and whatever way they follow, their main aim and objective is to protect the interest of the creditors always. For example, the trustee always distributes the funds to all the appropriate creditors, object to their discharge or may be certain exemptions will be claimed by the debtors, collecting the property of the estate, liquidation of the nonexempt property of the estate, etc. This can be done in the best possible way by a bankruptcy trustee.

Publié le par Casie Mason dans «Blog». Mots-clés: Bankruptcy Trustees